I find myself subjectively unable to pointedly answer this question since I started following Kemi Ojenike’s cases studies of Family Businesses. I am impressed by her depiction of family businesses to create lasting and evolving legacies for generational relevance.
Aside from productivity usually expressed as current effectiveness and efficiency; the world seems to have taken a detour of some sort to favor sustainability. This leads to the question: should we build our businesses to last or to evolve?
Man is mostly enamored by the desire to build “a lasting legacy”, mind you a legacy is something that lasts. So, it is common to hear “We must make a lasting or indelible mark on this one…” However, in “creating” lasting impressions, we may be engrossed in tightening all areas for innovation and creativity and limit our worldview to the current situation leaving out no space for the “future of existence”. As we see daily, processes are constantly changing, and the technology which is used to facilitate these processes may be endangered as well. If these technologies are not well suited, it does not take much time to become dinosaurs.
With respect to businesses, what should the considerations be? To last or evolve? Business owners and managers might want to consider that three factors can spur or disrupt their sustainability plans.
Current productivity: there is no need to deny the fact that the ability of businesses to meet current market needs is imperative. This makes many businesses to singly focus on activities and processes that meet current needs and demands. Businesses that strive to meet market demand usually thrive in the immediate. However, in thriving, managers should consider how to optimize cost such that the cost incurred delivers optimal value to the business into the future.
Current compliance: no matter how “good” a business is, if it violates statutes and regulations, it is no good. This is an area where policymakers and practitioners have serious and frequent altercations. Businesses that must survive into the future must ensure that they are built to open new vistas of institutional and regulatory frameworks from a vantage point of opportunity.
Current cost (over benefit): building or maintaining relevance incurs costs. As I mentioned here, thriving businesses make a promise to be – “always open, here tomorrow, and better”, but this comes at a cost. An ongoing review of these costs should be determined vis a vis expected benefits. If today’s costs do not provide opportunities for tomorrow’s relevance, then that cost may need to be revisited.
Conclusively, sustainability is the key word here. Recent happenings acquaint us that there are no such things as lasting solutions. Even if there are, situations evolve abruptly and may render “lasting solutions” irrelevant and inappropriate. To last (sustainability) is to evolve and be ahead of the curve.
